My mallam just informed me that a dollar is now sold at N166. Does anybody have any information on why the naira is so high. I got an info that banks are not selling to BDC but i dont know how true.

My broda i tireooo! i bot N167 at Zone 4 this afternoon! we ar really doomed

By the time Okonjo-Iweala finishes implementing the IMF and World bank agenda for Nigeria, all those singing her praises will be forced to keep quiet.

Why doesn't GEJ come out to tell us what Obama told him in the US? He was sworn in, and immediately called over to the US for talks with Obama. Next thing we start hearing of cash limits, Okonjo-Iweala resurfaces, and then Naira has started sliding uncontrollably for the last 2 weeks.

Is it so difficult to see that the imperialists are at work again?

Its a shame. N162 on Monday and by wednesday its N167? Real shame.

funny, i got dollar at the rate of 154naira here in port harcourt.

If you know what the Pound Sterling and Euro is selling @, you will know that it's not only the dollar appreciating in value !!!

Ah e good for me then, Mean say my trip next month to naija ga toruto (sweet). I dey show back naija with some cheap useless dollars that i can convert easily to a milli, WOW so na just approx $6K for guy man to turn millionaire for naija

Good for the dollar.

Is dollar not money? Why use money to buy money? Money is meant to buy goods not money! Dunno why u guys are E-lit.trait

mkpologwu:

Is dollar not money? Why use money to buy money? Money is meant to buy goods not money! Dunno why u guys are E-lit.trait

u are a dunce, dum dum na hin u be
i knew this was gonna happen anyways, beaf kept cursing me out, wen i told him this, loool
is cool tho

Why doesn't GEJ come out to tell us what Obama told him in the US? He was sworn in, and immediately called over to the US for talks with Obama. Next thing we start hearing of cash limits, Okonjo-Iweala resurfaces, and then Naira has started sliding uncontrollably for the last 2 weeks.

what are you saying? Why not ask the CBN governor what is happening to the naira?GEJ's visit to Obama has nothing to do with the issue at hand.The CBN under sanusi has a responsibility to stabilise our currency, yet he is busy pursuing islamic banking and all what not.

Shame on Sanusi, Shame on a clueless CBN governor.

chamber2:

what are you saying? Why not ask the CBN governor what is happening to the naira?GEJ's visit to Obama has nothing to do with the issue at hand.The CBN under sanusi has a responsibility to stabilise our currency, yet he is busy pursuing islamic banking and all what not.

Shame on Sanusi, Shame on a clueless CBN governor.

when buhari was head of state, USA and co presidents told him to devalue the naira, and he blantantly refuse, so what are u saying??
abeggy gej is very dumb,, mschew

Yes

benimeogu:

Nigerians should stop complaining about the value of the naira because the worst is yet to come. Waite until all the states implement the new minimum wage, by then, too much naira will be chasing few dollars, unless the CBN  have enough reserve to support the huge demand.

and we will become the new zimbabwe
chai all of una wey do this, he no good o
voting on sentiments, chai,

when buhari was head of state, USA and co presidents told him to devalue the naira, and he blantantly refuse, so what are u saying??
abeggy gej is very dumb,, mschew

Don't show your ignorance here.There is a difference between devaluation and depreciation of currency.Devaluation is official and deliberate, why depreciation is a detect of market conditions and overall competitiveness of the economy.So far (this administration), Nigeria has not implemented any devaluation strategy/policy. In fact the last move by the IMF was rejected.The Naira has just depreciated and NOT devalued, get it.

its the economic signal that these movements send that are worrying.the Nation newspaper reported that the economy grew by certain percentage last quarter,but such statistics have not impacted positively on the exchange rate.

Fantastic news for us that have been battling the tsunami of cheapo stuff flooding our shores. Maybe we can breath this year. May the naira find its true value and may the government have the courage not to plunder the reserves to aid the importation of some stuff unmentionable here. If we can't make it we don't need it.

Donlittle:

when buhari was head of state, USA and co presidents told him to devalue the naira, and he blantantly refuse, so what are u saying??
abeggy gej is very dumb,, mschew

Are you ok?

Pls peeps, what's the current Pound to Naira exchange rate (as at 14/07/11).

Enjoy your

[size=18pt]FRESH AIR[/size]

Don't show your ignorance here.There is a difference between devaluation and depreciation of currency.Devaluation is official and deliberate, why depreciation is a detect of market conditions and overall competitiveness of the economy.So far (this administration), Nigeria has not implemented any devaluation strategy/policy. In fact the last move by the IMF was rejected.The Naira has just depreciated and NOT devalued, get it

So when the CBN governor acting 'maybe' under the command of a 'surrogate president', refuses to sell forex  to willing buyers, what happens? The dollar goes scarce as the amount of naira chasing the few dollar in circulation increases. Is that tactic part of what you decribed as "depreciation" precipitated by the market? I am asking that question because i know for sure that Nigeria is making a kill from her oil/gas exports since the price of oil has been on the increase for months now--Oil is still selling far more than the projected budget price. Why is the dollar scarce now than it was when Nigeria was earning less if you insist there is no deliberate attempt to devaleu? I think the previous poster made a reasonable suggestion; Jonathan should be forced to explain to Nigerians what they lecture him in the white house.

i dont even want to know the value of the naira to pounds and euro. this is just bad for the economy. soon ghana, benin and co. will overtake us.

chamber2:

what are you saying? Why not ask the CBN governor what is happening to the naira?GEJ's visit to Obama has nothing to do with the issue at hand.The CBN under sanusi has a responsibility to stabilise our currency, yet he is busy pursuing islamic banking and all what not.

Shame on Sanusi, Shame on a clueless CBN governor.

I seem to recall the Naira falling from N118 to a dollar to N152 under Soludo. Shame on him too?

The central bank of Nigeria released a circular directing banks to sell only $250,000 per week to BDCs. If a BDC buys from Bank A, it cant buy from bank B, as against previously where a BDC could buy as much as $10m from different banks.

This has led to decreased supply of dollars in the market, hence the increase in rate.

texazzpete:

I seem to recall the Naira falling from N118 to a dollar to N152 under Soludo. Shame on him too?

That occurred when oil prices went from $147 p/b to $33 p/b and the USD spiked against other currencies which meant that Soludo could not have done anything other than manage the Naira's decline.

The difference today is that oil prices are high and the USD is weak, yet, the Naira is still weak. That's more the fault of the FG and its reckless spending but little to do with Sanusi. My gripe with him is that he is wasting foreign reserves trying to hold the Naira's official rate in a narrow band between N155 - N150 when the real value of the Naira is much lower.

I knew this will happy with the increase in minimum wage, just increase their money and devalue the naira and make it look as if they are earning more. robbing peter to pay paul. Bad economics sha

The CBN recently sent a circular to all Banks limiting the amount of forex that a bank can sell to $250,000.00/per day. This has naturally created scarcity and the price of all forex will rise becuase even when baks buy, it is more lucrative to sell to black market dealers.

Imagine a GTBank or a Zenith Bank being ablt to just sell only $250,000.00 a day.

It's like saying that all Mobil filling station shuold not sell more that 250,000.00 litres of Petrol a day nationwide. just think about it for a miunte.

Up Sanusi!!

SHAMMMMmmmmmmmmm,buying moni with moni,instead of goods. Tufiakwaaa

Hahaha, people blaming the US as usual, not unexpected!

first, the US does not depend on Nigeria for manufactured goods or consumer products!

A fall in naira will mean that US goods will be too expensive relatively compared to China imports, therefore more consumers in Nigeria will switch to made in China products than those made in the US.

A fall in naira will mean we can't afford to issue contracts to US companies as they will be paid in dollars therefore all our rail contracts, power plants etc etc will be handed to Chinese companies which will be paid less as the Yuan is more affordable.

A fall in naira will mean we can't depend on US companies for our refined crude products, we will ultimately look forward to some Asian company!

Nigeria depends on oil exports which is priced in dollars and NOT naira, so in that aspect, Nigeria stands to gain more from a devaluation of naira.

So, for you guys having us to believe that the US must be responsible, what do you think the US stand to gain from a fall in Naira?

1 pound changes at 274 naira. while 1 euro changes at 235 naira

chamber2:

what are you saying? Why not ask the CBN governor what is happening to the naira?GEJ's visit to Obama has nothing to do with the issue at hand.The CBN under sanusi has a responsibility to stabilise our currency, yet he is busy pursuing islamic banking and all what not.

Shame on Sanusi, Shame on a clueless CBN governor.

My brother make u follow me imagin, this one happen na GEJ, that one happen na GEJ, everything whey dey happen for naija na GEJ. Mallam CBN where u dey, come tell us why our currency dey come down.

Where are we going in this country, my answer nowhere. Nigeria is on the brick of collapse.
When the USA predicted the break of Nigeria by 2015, most nigerians especially politician claimed its mere talk.
To make matters worse we have clueless presido.
Unrest all over, break of law order, poverty, economic instability, the crash of naira. Let everyone be ready for the collapse of this failed state.